$3-billion development planned for "hole by the Tollway" in Frisco

A long-vacant site on the eastern side of the Dallas North Tollway in Frisco is finally headed for development, reports D Magazine.

The 28-acre property at Lebanon Road and Dallas Parkway - dubbed the "hole by the Tollway" - was once slated for a $2-billion mixed-use complex featuring offices, retail, restaurants, and entertainment uses. That proposal fell through in 2017.

According to D Magazine, the Frisco City Council has now made an agreement for a master planned development which will provide more than $113 million in incentives for a new project called "The Mix." JVP Management, which took control of the site in 2019, has proposed a $3-billion project featuring:

• 2 million square feet of offices;
• 375,000 square feet of retail (including a grocery store);
• medical offices; two hotels totaling 650 rooms;
• townhomes, apartments;
• a nine-acre central park; and
• 16 acres of open space.

The incentive funds are intended to support the construction of elements such as an underground parking garage, and are contingent on timing stipulations, reports D Magazine. The time frame for the first phase of the projects ranges from 2026 to 2033.